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Katrina Washington is currently employed as a computerprogrammer by Megatel Company. Here dream, however, is to start herown computer software firm. To provide cash to start her ownbusiness in six years she will invest $10,000 today. She thinks theinvestment will earn a 12% annual return.
a. How much would Katrina have in her account at the end ofsix years if she earns 12% on the investment? How much of thiswould be interest earned during the six years?
b. Assume instead, that Katrina has decided she needs $20,000to begin business. She wants to invest equal amounts at the end ofeach year for the next six years to accumulate the $20,000 neededat that time.
i. How much must be invested each year, assuming that it earns12% interest?ii. How much will the investment be worth at the end of eachof the next six years?iii. How much will Katrina have put into the account over thesix years?iiii. How much interest will be earned over the sixyears?
Elaine provides more than half of the support for her son James, who does NOT live with her. James is 26 and is a full-time law student. He earns $2,000 from a part-time job. He has a $11,000 scholarship covering his tuition.
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How would you assess the usefulness of the Income Summary account as it relates to the closing process?
Assume a business combination took place at December 31, 2009. Atwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding common shares of Franz. Stock issuance costs of $15 (in thousands) and direct cos..
On December 31, 2011, the inventory at prices existing on that date was $195,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
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Prepare Bank Reconciliation Statement as on 30th September
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